Trump Taj Mahal casino headed for bankruptcy?

The Trump Taj Mahal-- a casino located at 1000 Boardwalk in Atlantic City, New Jersey, could be headed for bankruptcy.

Failure to reach an out-of-court settlement between Trump Entertainment Resorts, which owns the casino and its creditors has faded all hopes, the New York Post reported.

To add to this gloom, this news has further compounded the fate of the casino industry in the state. The flow of traffic here has been severely dented due to stiff competition coming from casinos located in Delaware and Pennsylvania.

The Trump Plaza closes on September 16 after hosting the Miss America pageant. Recently, other such casinos like the Revel, Showboat and the Atlantic Club downed their shutters, leaving almost 6,000 people reportedly unemployed.